Identity modernization is one of the top challenges in information security. Marrying real-world and digital identity is complex, and the yet-to-be-determined impact of generative AI further complicates it. Operational groups are siloed, and many use different tools and systems.
Recent Datos Insights research reveals that 100% of financial institutions believe customer identity and access management (CIAM) is very important. Financial institutions and insurers are shifting toward greater customer and end-user centricity, and younger generations do not have the same degree of brand trust and loyalty as prior cohorts.
Identity used to be an issue of security. Now, it is key to building customer trust and ultimately growing revenue. Identity, when done right, is a business enabler. It can lead to cost savings, increased security, reduced risk, and, ultimately, greater customer loyalty.
So, what prevents institutions from fully taking advantage of an identity-enabled future? For starters, many organizations run on a collection of point solutions that require the maintenance of multiple API endpoints. There is a broad move toward broader, platform-based solutions. Additionally, manual processes persist, and institutions often run on a mixed bag of systems that don’t communicate with each other.
Ideally, CIAM and privileged access management work in such a way that the experience is essentially password-less to the end user. This shift requires education and overcoming traditional multifactor authentication approaches that require a password or challenge question. In the end, the consensus seems to be that organizations need an identity champion. Getting business involved, staying close to stakeholders, and getting executive leadership on board are key to enterprise adoption.
The topic of identity is sure to come into focus as emerging technologies like generative AI continue to make inroads and revamp the way the industry looks at this domain.
For more on the current vendor landscape or how CISOs are approaching identity, feel free to reach out to me at [email protected] or our practice leader, John Horn, at [email protected].
